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Africa to Spotlight Climate Finance as the World Heads to COP28

Africa through the African Development Bank will mobilize financing for climate action at this year’s UN Climate Change Conference, COP28.

The continent will amplify calls for robust commitments by wealthy countries to meet the continent’s urgent needs in addressing climate change.

The COP annual meetings are the single global platform for nations to negotiate internationally. The meeting helps nations to agree the  way forward on how to tackle climate change.

The meeting will bring delegates from nearly 200 countries. It will also draw leaders of business, finance, and representatives of civil society in Dubai from November 30 to December 12 with the aim of fast-tracking the transition to a clean-energy future.

The gathering also brings together major stakeholders engaged in climate change. They include governments, the private sector, youth and civil society. This year’s conference theme is ‘Unite, Act, Deliver’.

The AfDB Group, led by its President, Dr Akinwumi Adesina, will launch and cement several climate action initiatives during the global event taking.

Africa delegation from the AfDB will Include vice presidents, senior management and sector experts. They aim to increase the Bank’s visibility within the global climate change community. More so, they intend to mobilize additional resources for climate funds and facilities.

Also Read: East Africa to Champion Sustainable Climate Action

Africa Objectives

During the two-week conference, the Bank will advance partnerships and resource mobilization for its Africa Climate Risk Insurance Facility for Adaptation (ACRIFA). This is a vital tool to raise the billions needed to foster climate adaptation, resilience, and sustainable development within Africa’s agricultural sector.

The Bank will also join Its partners in launching the Global Battery Energy Storage System Consortium. This is a joint initiative with the Rockefeller Foundation, in which the Bank plays a leading role through its 10 GW Desert-to-Power solar energy initiative. The Consortium aims to secure 5 GW of commitments by the end of 2024. It will also mobilize more than $4 billion to significantly reduce the cost of renewable energy technologies.

During COP28, AfDB will also cement funding commitments for its $10-billion Alliance for Green Infrastructure in Africa (AGIA).

In addition, the Bank will leverage COP28 to advance the Bridgetown initiative. The initiative is a climate and development plan. The event will be hosted in a high-level session that will advocate for IMF special drawing rights. This will incude multilateral development banks and pledges.

During COP27 in November last year, the Bank and its global partners launched the Alliance for Green Infrastructure in Africa (AGIA). It’s aimed to boost the bankability of green infrastructure projects. Further, it helped to generate up to $10 billion in investment opportunities for the private sector.

Also Read: Arab Coordination Group Commits $50 Billion for Climate-Resilient Infrastructure in Africa

Pioneering interventions

Since 2011, the Bank has financed climate action with funds amounting to $23 billion. However, some of the 80% comes from the Bank’s financing instruments.

At the same time, Climate action has been supported by co-financiers and external climate finance providers. They include the Global Environment Facility, the Green Climate Fund, and the Climate Investment Funds which provide the 20%.

Currently, the Bank is working with the Global Center on Adaptation to mobilize $25 billion. The funds will help to scale up climate-resilient actions. This will be done under the Africa Adaptation Acceleration programme.

Lately, $4 billion is supporting 43 projects in 36 countries. They include project’s in agriculture, resilient infrastructure, sustainable water and sanitation, youth and jobs, and innovative adaptation finance.

The African Bank has also rolled out several multi-pronged initiatives using technology to boost food production and nutrition across Africa. These include the SAPZs and the Technologies for African Agricultural Transformation (TAAT).

At COP28, AfDB will help reshape the global narrative on key issues. This issues includes energy transition, nature-based solutions, adaptation finance as well as reform of multilateral development banks. Moreover, it will also touch on carbon markets and restitution for loss and damage.